On 9 December 2015, HMRC published a consultation document entitled Company distributions, together with draft legislation to amend the transactions in securities rules in Chapter 1 of Part 13 of ITA 2007 and to introduce a targeted anti-avoidance rule (TAAR) to prevent certain distributions in a winding-up being treated as capital distributions. The consultation document requests comments on the proposed changes and canvasses views on whether wider reform may be desirable.
Ashley Greenbank (Macfarlanes) reviews the proposals on company distributions, which would amend the transactions in securities rules and introduce a new targeted anti-avoidance rule.
On 9 December 2015, HMRC published a consultation document entitled Company distributions, together with draft legislation to amend the transactions in securities rules in Chapter 1 of Part 13 of ITA 2007 and to introduce a targeted anti-avoidance rule (TAAR) to prevent certain distributions in a winding-up being treated as capital distributions. The consultation document requests comments on the proposed changes and canvasses views on whether wider reform may be desirable.
Ashley Greenbank (Macfarlanes) reviews the proposals on company distributions, which would amend the transactions in securities rules and introduce a new targeted anti-avoidance rule.